This invention relates in general to online payment systems and, more specifically, to Internet-based payment systems that use negotiable instruments for payments to non-merchant parties such as individuals.
There are online systems that allow paying parties that may not have a merchant account with a credit card company or bank. Further, some parties do not even have a personal bank account to accept payment into. In these situations, a money order may be used to pay for merchandise, services or to otherwise send money. There are systems that automate the process of sending money orders through use of an online system where a payor can have a money order generated and mailed to the payee. A bank account or credit card is used by the online system to fund the money order and pay any service fees. These online systems are commonly used to pay for online auction transactions where the buyer and seller may not be in the same city or country.
Where the payee is in a country using a different currency, cashing a foreign money order is problematic. Although money exchanges and banks can cash a foreign money order, the exchange rate may be unfavorable and service fees may be added to the transaction. Further, a foreign bank cashing the money order may place a hold on the availability of the funds until they clear, which can take months. Where the money order is in payment for an auction, the fees and other costs deducted from the payment limit the profit on the auction. Further still, if a payor does not have a credit card or bank account, or does not wish to provide such information online, the payor is unable to avail himself of such electronic transactions. These impediments to commerce serve to impede transactions in different currencies.
In the appended figures, similar components and/or features may have the same reference label. Further, various components of the same type may be distinguished by following the reference label by a dash and a second label that distinguishes among the similar components. If only the first reference label is used in the specification, the description is applicable to any one of the similar components having the same first reference label irrespective of the second reference label.